Ukrainian fund industry highlights of Q4 & FY 2025: Steady new funds number, ‘technical’ decline of total AuM; Positive quarterly capital flow, but negative annual sales and total NAV growth in the open-ended funds

Ukrainian fund & asset management industry were operating in the conditions of the russian full-scale war for the fourth year in a row in 2025. The reduction in the number of professional market participants accelerated, but one of the investment funds continued to grow. Open-ended funds had an inflow of capital in Q4 for the second consequtive quarter, but the overall annual result was negative both for the net sales and the sector’s total NAV.

A Draft Law On Investment Funds, which is aimed at transposing the EU fund law according to Ukraine’s obligations under both the EU-UA Association Agreement and the EU membership candidacy status, was submitted to the Verkhovna Rada (UA parliament) in May 2025. Its final adoption is expected by the end of 2026. 

AuM of the ‘established’0F[1] Ukrainian Collective Investment Institutions (CIIs) declined by -7.8% (in UAH terms) in Q4 2025 and by 1.5% annually in 2025, to UAH 656.6 billion by end-December (EUR 13.6 billion). However, such an unusual contraction was largely due to the changes in the rules for CII assets valuation, in particular regarding receivables (including loans), and affected mainly ‘venture’ funds.

More specifically:

• ‘Venture’[2] CIIs
  • In the corporate form (VCIFs), as usual for the past 5+ years, played a key role in the industry’s growth in terms of the number of funds: +34 such funds out of 34 newly formed CIIs in total over the quarter, 122 out of 128 over 2025;
  • Share of the VCIFs in the total CII number by end-December expanded further, to 64.6% (from 63.1% in September), while for all venture CIIs, it remained close to 94% (as a year ago);
  • AuM of all formed venture CIIs contracted by 7.9% in Q4 2025 and by 0.3% annually in 2025;
  • NAV lost 11.3% over Q4, 2.7% in 2025 overall, and amounted to UAH 533.6 billion, with its share in the total Ukrainian CIIs’ NAV still at around 98%.
• Among the publicly-offered funds[3], namely the opend-ended, interval, and closed-end CIIs with public offering, all the three sectors had their total NAV increase in Q4 2025, but annually the open-ended funds’ total NAV contracted in 2025.

In open-ended CIIs (16, all publicly offered):

• Total NAV
  • Amounted to UAH 222 million as at end-2025 having grown by 5.0% in Q4; they still had a loss of 7.6% in net assets annually;
  • The annual NAV decline was attributed to the capital outflow, while the quarterly growth was partly due to the positive net sales, and the appreciation of the funds’ portfolios in Q4, as well as overall in 2025.
• Net sales
  • Remained positive in Q4 2025: +UAH 2.8 million (after +UAH 4.9 million in the previous quarter);  
  • Annual capital flow remained by end-December 2025, at -UAH 59.0 million.
• Investors
  • Domestic retail investors had their relative holdings in the open-ended funds decreasing from 90.8% of the total NAV at the beginning of 2025 to 86.7% at end-December (although edging up from 86.4% in September) – due to the outflow of capital over the year caused by the partial exit of some investors in this category.

At the same time, the number of local individual investors in this sector kept growing significantly (+8.0% in Q4, +34.6% in 2025 overall); their share remained close to 99% of all investors in the sector throughout 2025;

• • There were four foreign investors (non-resident institutional/corporate and individual ones) in open-ended funds in December 2025 (one less, -20% in Q4 and in 2025 overall); they had 4.6% in the sector’s total NAV, down from 5.2% in September, but up from 4.3% a year ago.   
• Number of non-resident investors in all CIIs in total increased by 20 in Q4 and by 26 in 2025 in total (+5.5% and +7.3% respectively), to 382 at end-December.
  • Non-residents held 20.8% of the CIIs total NAV at end-2025, up from 20.7% at the beginning of the year, but down from 21.8% in September.
• Number of all investors in all CIIs increased by 35.7 thousand (+11.9%) in Q4, and by 41.4 thousand (+14.1%) in 2025 in total; that was almost exclusively due to local retail investors in one publicly-offered closed-end fund that.

Number of the formed CIIs slightly decreased for the first time in nine quarters, just by one, to 1892 funds by the end-2025 (-0.1% in Q4), but has grown by 52 (2.8%) in total in 2025.

Number of AMCs in Ukraine contracted, from 279 in the beginning of 2025 and 268 in September to 267 at end-December (-0.4% for the quarter, -4.3% annually).

• Out of those, 240 (90%) remained active and reported on their investment and/or pension funds under management for the quarter, in particular:
  • Over 98% of them had at least one venture CII under management;
  • 9 AMCs still managed acting 16 open-ended funds, and 28 companies had 72 publicly offered CIIs in total (down from 29 and 76 respectively in 2025);
  • 24 AMCs had 44 acting pension funds under management (down from 30 and 49 respectively in 2025), and one AMC still managed assets of one insurance company.

Number of non-state pension fund administrators (ANPFs) remained stable at 14 throughout 2025, with 12 having funds under administration at end-December.

• Among them still were 4 companies with NPF administrator’s licence only; the other ANPFs conducted both institutional investor asset management licenced activity and the one of NPF administration.

Non-state pension funds (NPFs)

• UAH 3,965 million of assets under management of AMCs at end-2025, adding +5.3% in Q4, accelerating by end-December 2025 to +18.7% annually;
• Assets under administration of the ANPFs[4] rising to UAH 3,954 million by end-2025, accelerating to +5.0% in Q4 and +18.4% annually.

Insurance Companies’ assets under management of AMCs

• Amounted to UAH 297 million as at end-2025, having contracted by 2.0% in Q4, but having grown by 15.3% annually in 2025.

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See UAIB Q4 & FY 2025 report on the UAIB website (in Ukrainian):

Part 1 (General), Part 2 (On CIIs), Part 3 (On NPFs), Part 4 (On ICs AuM)

See more market statistics on the UAIB website: The Ukrainian Fund Market in Figures

For enquiries, please contact Anastasiia Gavryliuk, Director of International Relations &Senior Analyst, at gavrylyuk@uaib.com.ua